Advice please

one_day_4

Hello all,

Just trying to find the right solution to my problem.

I have been a barclays customer for about 18 years.

Due to the economic downturn i will not be getting any more overtime with my employer until things start to pick up, (been having as much overtime as i wanted in the five years ive been there)
my pay rise has been put on hold as well.

I know that i should not rely on the overtime, but i have been, and now my wages will be atleast £350 short a month, (£900 instead of £1250)


I have 5 creditors that i pay, 1st figure is outstanding balance, 2nd is what i pay.


Barclayloan £7000 i pay £435 a month DD so never missed a payment (should be finished aug 2010 )

Barclayloan £4200 i pay £158 a month DD so never missed a payment

Barclaycard £5900 ive been paying about £130 a month, sometimes forgot to pay on time, but paid next day or two, resulting in late fee.

RBS CC £1700 same as above but pay £40.

Littlewoods catalog £230 pay £12 DD never missed payment



Trouble is i am going to be left very short after my outgoings.

I have been thinking about contacting cccs about a DMP, however i have been told that Where you are making reduced payment arrangements that include your current bank, it is necessary in most cases to have your salary or other income paid into an alternative account at another bank where you have no debts.

As i currently bank with Barclays, i was told they will be happy to continue to offer you banking facilities as long as you are a DMP client with CCCS, if this is the case will barclays still 'set-off' my account?


I have done the CCCS Debt Remedy, and my surplus would be £485 a month, debt clear in 3 years 3 months.

Would a loan consolidation be an idea? roughly same payment a month?

Should i phone up barclays and tell them my situation and see if they can help in any way?

Sorry for all the questions im just abit lost.

Thank you

RAS

Who told you it would be Ok to stay with Barclays and do a DMP? Barclays? Do you have this in writing?

have you checked whether you can get any working tax credit?

one_day_4

Hi RAS

Thank you for your quick reply.

I dont know much about working tax credit, so unsure if i qualify.


I got that information from the online cccs dept remedy they sent via email, this is a section of the dmp.

Your Bank Account

• Where you are making reduced payment arrangements that include your current bank, it is necessary in most cases to have your salary or other income paid into an alternative account at another bank where you have no debts.
• This prevents your bank continuing to take payments from your account and ensures that you are in full control of your money.
• If you currently bank with Barclays, they will be happy to continue to offer you banking facilities as long as you are a DMP client with CCCS.
• You will need to visit your branch to cancel your connect card and replace it with an electron card. (An electron card is simply for use at an ATM or branch for cash withdrawals it is not a debit or cheque guarantee card.) The electron card can be processed immediately by the branch and a new card will be issued in 3-4 days.
• Upon receipt of your instructions and as soon as they have received the offer(s) of payment from CCCS, Barclays will then close down your existing facilities and open the new account. They will also check the connect card has been cancelled. If it hasn't they will cancel it automatically on their system. They will not automatically issue an electron card.
• If you do not do as requested and your connect card is cancelled by Barclays on receipt of our proposal you could be left without access to your money.

RAS

Look at https://www.entitledto.com for WTC.

If CCCS and Barclays have a deal, then it sounds OK. Just confirm with them before you sign up. A lot of other banks have been up to mischief.

one_day_4

Thank you RAS.

Do you think i should still speak to barclays customer service about my situation, and see if they recomend me to cccs for a dmp?

What if they other me an option to consolidate my depts with onother loan?

Nargleblast

It would not hurt to get an appointment at your bank and put them in the picture re your anticipated reduced income. They may well offer some kind of consolidation loan, and this might sort things out for the time being. However, they may tell you they are already lending you as much as they are prepared to lend. In this case, you should sit down and look at your incomes and outgoings and decide where savings can be made. You can do that by posting a SOA (statement of affairs) on this forum and people here can help with advice. In any case, if your bank will not help you then advice from CCCS or some similiar organisation is required. If you do go down the debt managment plan route then you will need to open a new account at a bank that you have no loans or credit cards with and switch your salary and direct debit payments to that new account. This is because Barclays would most certainly take money out of your salary to pay into the loan, leaving you short for household bills. This is a lot to take on board I know but think carefully about the situation and get the best advice you can before acting. Good luck.

one_day_4

Thank you Nargleblast

Nargleblast wrote: »

If you do go down the debt managment plan route then you will need to open a new account at a bank that you have no loans or credit cards with and switch your salary and direct debit payments to that new account. This is because Barclays would most certainly take money out of your salary to pay into the loan, leaving you short for household bills.

As i currently bank with Barclays, i was told they will be happy to continue to offer me banking facilities as long as i am a DMP client with CCCS.

I got that information from the online cccs dept remedy they sent via email, this is a section of the dmp.

Your Bank Account

• Where you are making reduced payment arrangements that include your current bank, it is necessary in most cases to have your salary or other income paid into an alternative account at another bank where you have no debts.
• This prevents your bank continuing to take payments from your account and ensures that you are in full control of your money.
• If you currently bank with Barclays, they will be happy to continue to offer you banking facilities as long as you are a DMP client with CCCS.
• You will need to visit your branch to cancel your connect card and replace it with an electron card. (An electron card is simply for use at an ATM or branch for cash withdrawals it is not a debit or cheque guarantee card.) The electron card can be processed immediately by the branch and a new card will be issued in 3-4 days.
• Upon receipt of your instructions and as soon as they have received the offer(s) of payment from CCCS, Barclays will then close down your existing facilities and open the new account. They will also check the connect card has been cancelled. If it hasn't they will cancel it automatically on their system. They will not automatically issue an electron card.
• If you do not do as requested and your connect card is cancelled by Barclays on receipt of our proposal you could be left without access to your money.

one_day_4

Any one else that bank with barclays who has dept with them thats gone down the DMP route?

Nargleblast

My OH did, and I don't think he had that much hassle from Barclays even though they were his biggest creditor. You are bound to get letters and maybe phone calls chasing you for repayments, even when you are on a DMP but it is par for the course, and CCCS and similiar organisations will advise you how to deal with them as they arise. As will, of course, all the lovely chaps and chappesses on here.